OVL paid $2.1 bn for Imperial Energy buy

Press Trust of India
Posted: 2009-01-13 23:32:44+05:30 IST
Updated: Jan 13, 2009 at 2332 hrs IST

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New Delhi: ONGC Videsh Ltd has made $2.1-billion payment to take over Imperial Energy and will further invest $500-600 million in the UK-listed company’s Russian fields.

OVL paid $1.9 billion to the equity shareholders of Imperial and the remaining for the payment of bonds that Imperial held, a company official said.

The official said the payment was made to the Registrar of Companies in UK for onward payment to equity shareholders and repayment of bonds. It will further invest $500-600 million in the next 2-3 years in the oil fields that Imperial has in Russia. Imperial currently produces around 10,000 barrels of oil per day which is to be raised to 25,000 barrels per day in next couple of months and further to 35,000 barrels per day by next year.